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K-1 Reclass

Get started with K-1 Reclass

Simplifying K-1 preparation and review

Preparing supplemental pages for complex K-1s is error-prone and time-consuming because it requires staff to create Excel schedules to show the reclassifications. 1040SCAN is the first scan and populate system to read K-1 supplemental pages to automate not only tax return data entry but K-1 reconciliation workpaper preparation. In this 30-minute webinar, learn how 1040SCAN’s latest K-1 features let you ensure accuracy and save time by:
  • Extracting data from supplemental K-1 pages
  • Reclassifying K-1 data to the income and expense categories
  • Exporting the data to your tax software
  • Automatically updating the K-1 information to match the K-1
  • Cross-referencing the K-1 data to save reviewer time
SurePrep’s K-1 features revolutionize how preparers manage K-1 data, save preparation time, and increase efficiencies for the reviewers.

Getting started

Step 1. Enable Feature.
To capture and reclass Schedule K-1 supplemental data, your firm must first enable the Supplemental K-1 feature. Additionally, you can also enable the K-1 Reclass auto-recommendation feature to reclassify Schedule K-1 supplemental data with possible suggestions.
Step 2. Use K-1 Reclass in SP.
Step 3. Covered K-1 Supplemental Page Variations
Only selected variations of supplemental K-1 data are captured and available for K-1 Reclass.
View a list of all covered variations.
Additional references:
  • K-1 Reclass FAQ
  • Capture Supplemental K-1 Data in Review Wizard

This article applies to:

  • Product: SurePrep
  • Sub Product: SPbinder

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